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Maybank Islamic posts 18.5% YOY drop in Q3 profit

Maybank Islamic Bhd. reported an 18.5% year-over-year decrease in profit for the third quarter ended Sept. 30.

Profit attributable to shareholders of the bank's parent dropped to 279.6 million Malaysian ringgit, or 103.39 sen per share, from 343.1 million ringgit, or 135.97 sen per share, in the year-ago period, according to a filing obtained by S&P Global Market Intelligence.

Income from investment of depositors' funds fell to 1.50 billion ringgit from 1.74 billion ringgit in the year-ago quarter, while income from investment of investment account funds surged to 455.8 million ringgit from 36.2 million ringgit.

Allowance for impairment on financing and advances increased to 149.1 million ringgit from 115.2 million ringgit.

Total distributable income jumped to 1.90 billion ringgit from 1.73 billion ringgit, while total net income dropped to 703.9 million ringgit from 779.8 million ringgit in the prior year quarter.

For the first nine months, the bank's profit attributable to shareholders of its parent declined 8.7% year over year to 839.9 million ringgit from 920.2 million ringgit. EPS for the period fell to 315.67 sen from 370.21 sen.

The lender's total capital ratio rose to 18.597% as of Sept. 30 from 16.489% at Dec. 31, 2015. It's common equity Tier and Tier 1 rations for the period both stood at 13.827%, compared to 12.435% for both ratios at the end of 2015.

Maybank Islamic is a unit of Malayan Banking Bhd.

As of Nov. 28, US$1 was equivalent to 4.46 Malaysian ringgit.